1 in 4 Australians ready for AI and IoT in commerce

More than a quarter of Australian consumers are ready to use internet-connected devices such as smart home virtual assistants or connected fridges to make payments on their behalf, up from just 12% in September last year, research commissioned by Visa indicates.

A survey of consumers conducted by market research company YouGov indicates a sharp increase in willingness to accept Internet of Things (IoT) and artificial intelligence (AI) in commerce, according to Visa’s group country manager of Australia, New Zealand and the South Pacific, Stephen Karpin.

“Australian shoppers are at the forefront of the global evolution of commerce, providing a big opportunity to merchants and financial services providers to similarly lead their international counterparts in innovation,” he said.

“As the Internet of Things and biometric capabilities become integrated into our everyday experiences, we’ll experience a significant shift in how payments are made. In our lifetime, we will see infinitely more choice in how Australians pay — from watches, fridges and mobile phones to eyes and fingers. And we’ll experience personalisation that we never thought possible, powered by artificial intelligence.”

He said prior research also indicates a growing acceptance of the use of biometrics to secure the new wave of payment methods. More than half (56%) of respondents to a September 2016 YouGov survey said they are comfortable using a thumbprint, voice or retina scan to authorise payment.

Respondents favour biometrics on the grounds that it is more secure (45%) and that it eliminates the need to remember a PIN or password (40%).

But despite the eagerness to embrace biometric authentication, less than half (39%) of Australian consumers are willing to share personal information in exchange for more convenience in payments.

“Australians are sophisticated adopters of technology and it’s essential that we continue to assure them of the security of their information and identity,” Karpin said.

“As technology enables truly personalised experiences that integrate elements of people’s identities, such as fingerprints and irises, we will draw on our nearly 60 years of global leadership to continue securing the future of commerce.”

Image credit: ©stock.adobe.com/au/jim

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